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Investors with a short-term perspective can buy Essel Propack. After taking support from its long-term base zone between ₹30 and ₹31, the stock started to trend upwards in March 2013. Since then, it has been forming higher peaks and troughs. Another key support at ₹46.5 cushioned the stock's corrective decline in early February 2014.
Reinforcing the bullish momentum, the stock rose 3.6 per cent, accompanied by above average volumes on March 14. The stock is hovering well above its 21- and 50-day moving averages. The indicators on the weekly and daily charts are featuring in the bullish zone. The stock can extend its upmove to ₹56.5 and to ₹58. Buy the stock with a stop-loss at ₹53.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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